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Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently $13,400.91. How often does the interest compound?
 one year ago
 one year ago
Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently $13,400.91. How often does the interest compound?
 one year ago
 one year ago

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RaphaelFilgueirasBest ResponseYou've already chosen the best response.0
dw:1344979320231:dw
 one year ago

RaphaelFilgueirasBest ResponseYou've already chosen the best response.0
the interest is in one year,month?
 one year ago

telliott99Best ResponseYou've already chosen the best response.0
The basic formula is \[A = P(1 + \frac{r}{n})^{nt}\] The n is there if the interest is compounded n times per year, but let us assume that it is notthe interest is compounded annually. OK?
 one year ago

telliott99Best ResponseYou've already chosen the best response.0
Scratch the assumption. we have \[13400.91 = 6460(1 + \frac{0.043}{n})^{17n}\]
 one year ago
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